<blockquote>quote:</font><hr>Originally posted by &lt;OwlMan&gt;:

There was another thread on this site that went into the seemy underbelly of what happens to funds when dissolving a PTA.
Good luck<hr></blockquote>

That thread was in this same section "PTA v PTO" and the topic is "What's our next stop." Again, the short version is... "check your bylaws."

Regards
OwlMan

<blockquote>quote:</font><hr>Originally posted by &lt;OwlMan&gt;:


While I agree wholeheartedly with the suggestion to spend it all, I think that the requirement to turn over remaining assets to the state varies by state. You might be able to do a search on this site and find that forum where this was discussed.

Although you can always hope, I'm not sure if anything is a simple as it seems.

Regards<hr></blockquote>

OOPS! You're absolutley right OWLMAN!! OMG, I have totally contradicted myself! Someone switched my coffee to decaf. All assets must be distributed to other 501c3's (not necessarily the school), but it would make sense to donate them the school as you would still (presumably) have use of them. Thanks for picking up on that one OWLMAN!

I think I've read the whole "turn everything ove to state" thing on this board so many times I'm starting to believe it! As I previously posted, I wouldn't bring STATE into the loop until you have about $1.59 left in your account. Sorry for the spewing of misinformation. Blame it on lack of caffeine or just plain old brain freeze!

Suzi

<blockquote>quote:</font><hr>Originally posted by SFilak:
Buy some big ticket items, but remember to donate them to your school, because any PTA asset must be turned over to state.
Suzi<hr></blockquote>

While I agree wholeheartedly with the suggestion to spend it all, I think that the requirement to turn over remaining assets to the state varies by state. You might be able to do a search on this site and find that forum where this was discussed.

Although you can always hope, I'm not sure if anything is a simple as it seems.

Regards

I think the logical answer is spend all your money before you notify state of your intentions. Buy some big ticket items, but remember to donate them to your school, because any PTA asset must be turned over to state. When you have minimal $ left, notify your state rep you are dissolving your unit and would like to know how to go about it.

I do believe that it can be that simple.

Suzi

<blockquote>quote:</font><hr>Originally posted by &lt;Involved Parent&gt;:
If we are disbanding from PTA, what happens to our money until we are able to form our own tax exempt non-profit organization.<hr></blockquote>

Since you are (soon to be "were") a PTA, then your had to have bylaws, and since those bylaws had to be approved up the PTA food chain, they must have covered just this situation. There was another thread on this site that went into the seemy underbelly of what happens to funds when dissolving a PTA. In my state, Maryland, the bylaws state that after paying all remaining encumberances the funds are to go to a PTA approved charity. In that other thread that I was talking about, in New York, the most often approved charity is the state PTA.

That was the long answer... the short version is check your bylaws.

Good luck

If we are disbanding from PTA, what happens to our money until we are able to form our own tax exempt non-profit organization. Can we continue to write checks on our current PTA checkbook? This move may happen before the end of our school year.